Potential Impacts of COVID-19 on Economies and Labour Markets of Indigenous and Rural BC Communities
Impact Resolutions (IR) has teamed up with BlueShift Advisory (BSA) to provide community, organizational and government continuity services.
Cameron Swinton, IR’s finance and risk specialist and blog co-author, takes great pride in humanizing innovative solutions towards enterprise risk management and assessment for Indigenous nation and rural governments. He has the skills and knowledge to pair technical solutions with business requirements and establish channels of communication across organizational and cultural silos.
Yat-Sing Cheng is BSA’s principal, blog co-author and senior article reviewer. He provides consultation services to executives and senior leaders on strategy and enterprise risk management. Clients include: the airline industry, post-secondary education, healthcare, corporate social responsibility and provincial regulatory industries. Yat has held executive and leadership roles in finance, accounting, audit and risk and is a thought leader and presenter in areas of strategy, enterprise risk management and internal audit.
As the global battle against COVID-19 intensifies, interconnected and formerly unimaginable risks are coming to the fore. Indigenous and rural communities throughout British Columbia will face significant challenges in the months and years ahead. During this period of uncertainty, however, there is a unique opportunity to strengthen community resiliency. The opportunities, risks, and potential impacts of the pandemic on Indigenous and rural communities in the province are influenced by the interaction between several factors: geography, demographics, local micro- and macroeconomic conditions, and government funding commitments.
When armed with the best available science, and Indigenous and local knowledge, strategic decisions can be made, and robust action taken. New action models are needed to capitalize on potential COVID-19 opportunities and threats. Although the pandemic impacts are still very fluid, individuals and organizations have processed the initial assault and can now foresee a range of plausible future scenarios.
As we apprehensively face a new reality, various future scenarios must be explored and tested to determine whether current strategies, processes, and mitigations are effective. Now is the time for communities and organizations to review their state of readiness for the next unforeseen event. Begin by revisiting your strategic blueprint, enterprise risk management programs, contingency, and business continuity plans. June 2020 is fast approaching, and it is the limit many communities, organizations, and governments have reached in their continuity planning.
This associated article demonstrates how the pandemic may affect the economies and labour markets of Indigenous and rural communities in B.C.. Communities, organizations, and governments are faced with an additional challenge: what tools will be necessary to rebuild and strengthen community resiliency. Impact Resolutions is uniquely positioned to meet this challenge head on by implementing a series of cutting edge, culturally appropriate tools providing creative and effective support for communities to weather current and future crises. Now more than ever in this unpredictable Knowledge Age economy, Impact Resolutions recognizes the critical importance of adapting to changing conditions.